It is going to lead to inflation and I srongly believe that the national assembly will not allow it. The national economic team is unknown to us. It is a gathering of friends of the president. They consist of fuel importers, rice merchants and cement importers and so they have nothing to do with the economy. The national economic team cannot be higher than the national assembly. The money for printing the note and the coins would have to be appropriated by the natonal assembly; so if they say no, that is the end of the matter

can the national assembly save the nation this time?
source; pge 35 of sunday sun

This Falana guy is so ignorant that when he speaks, it lack any iota of logic but all emotion. What has NA to do with government's economic policies. There is no need then for executive. If for strategic economic reasons and long term economic security needs of the country the executive decides to redenominate the naira, who is NA to say NO? Is is a law? We can as well outsource our economic and infact executive decisions to NA. The arguments against this policy is just too emotional, similar to arguments against Soludo's redenomination. We should just grow up in this country.

the national assembly is there to check excesses like this one with reference to what the people want. Femi Falana might not be wrong here

Frank-C:
This Falana guy is so ignorant that when he speaks, it lack any iota of logic but all emotion. What has NA to do with government's economic policies. There is no need then for executive. If for strategic economic reasons and long term economic security needs of the country the executive decides to redenominate the naira, who is NA to say NO? Is is a law? We can as well outsource our economic and infact executive decisions to NA. The arguments against this policy is just too emotional, similar to arguments against Soludo's redenomination. We should just grow up in this country.

So what exactly are the functions of the National Assembly? If important issues like currency re-domination is beyond their job description.

Frank-C:
This Falana guy is so ignorant that when he speaks, it lack any iota of logic but all emotion. What has NA to do with government's economic policies. There is no need then for executive. If for strategic economic reasons and long term economic security needs of the country the executive decides to redenominate the naira, who is NA to say NO? Is is a law? We can as well outsource our economic and infact executive decisions to NA. The arguments against this policy is just too emotional, similar to arguments against Soludo's redenomination. We should just grow up in this country.

And what planet did uo drop from? Did - hear you say "what has National Assembly got to do with goverment economic polices? And Falana is ignorant?

Are you for real?

@frank_c or whatever you call yourself why can you be saying that falana is an ignorant ? Are you not a nigerian make una leave our 5,10,20,and 50 naira and turn una 200,500 and 1000 even una dat 5000 to a coins mad people

^ Yes, I a a Nigerian, but not the bandwagon type. I ask again, what has the NA to do with government's economic policies? The job of the NA is simple, law making and oversight and you should check out the meaning of oversight. It is just like saying that the NA should stop an executive agency from functioning. No, they can not. They can only ensure that such agencies function according to the enabling laws, and when they don't, do you know that they still depend on executive agencies to get them to do so? Naira redenomination is purely an executive decision, the only approval needed to proceed as Nigerian law presently allows is that of the president. That was exactly why Soludo was stopped on his track when Yar a'Adua refused to endorse his program. We should stop all these emotions and learn to take things in perspective.

I think as far as NA is involved right now, the question is this: does CBN have the powers to proceed with the redenomination of the Naira with the approval of the President. The CBN Act 2005 says YES. What can NA do in this situation? 1. The law allow them to just ensure that this policy is executed according to the enabling act and 2. to change the law so that NEXT time the CBN will have to get NA approval to carry out its programs. This is the law, my friend.

Now, this does not add or remove anything from the popularity of the policy. And i will also mention that good policies are not necessarily popular policies.

Frank-C:
^ Yes, I a a Nigerian, but not the bandwagon type. I ask again, what has the NA to do with government's economic policies? The job of the NA is simple, law making and oversight and you should check out the meaning of oversight. It is just like saying that the NA should stop an executive agency from functioning. No, they can not. They can only ensure that such agencies function according to the enabling laws, and when they don't, do you know that they still depend on executive agencies to get them to do so? Naira redenomination is purely an executive decision, the only approval needed to proceed as Nigerian law presently allows is that of the president. That was exactly why Soludo was stopped on his track when Yar a'Adua refused to endorse his program. We should stop all these emotions and learn to take things in perspective.

I think as far as NA is involved right now, the question is this: does CBN have the powers to proceed with the redenomination of the Naira with the approval of the President. The CBN Act 2005 says YES. What can NA do in this situation? 1. The law allow them to just ensure that this policy is executed according to the enabling act and 2. to change the law so that NEXT time the CBN will have to get NA approval to carry out its programs. This is the law, my friend.

Now, this does not add or remove anything from the popularity of the policy. And i will also mention that good policies are not necessarily popular policies.

From your argument,i know where to classify people like you.....please where's Soludo's Coins? and please also explain to us how this N5000 note will improve the Economy and clearly tell us where we can fine the Soludo's Coin and the last time you used it to purchase anything..Am waiting for your sincere Answers to the above questions....Thankz

Frank-C:
This Falana guy is so ignorant that when he speaks, it lack any iota of logic but all emotion. What has NA to do with government's economic policies. There is no need then for executive. If for strategic economic reasons and long term economic security needs of the country the executive decides to redenominate the naira, who is NA to say NO? Is is a law? We can as well outsource our economic and infact executive decisions to NA. The arguments against this policy is just too emotional, similar to arguments against Soludo's redenomination. We should just grow up in this country.

Okupe and Reuben Abati will soon have a new colleague,,,hope the policy will reduce the strength of dollar over naira?

Frank-C:
This Falana guy is so ignorant that when he speaks, it lack any iota of logic but all emotion. What has NA to do with government's economic policies. There is no need then for executive. If for strategic economic reasons and long term economic security needs of the country the executive decides to redenominate the naira, who is NA to say NO? Is is a law? We can as well outsource our economic and infact executive decisions to NA. The arguments against this policy is just too emotional, similar to arguments against Soludo's redenomination. We should just grow up in this country.

hahahahahahaha. uncle pls go to kiddies avenue because this is the politics section of nairaland. u surely do not belong here. even my great grand mother knows that the executive, legislature and judiciary are the three arms of govt. the laws of every country be it sugar cane law, economic or political laws are made by the legislature while the executive approve it with the judiciary as the body responsible for punishing of law breakers.
sometimes i know hunger can make us reason like tables and chairs but such vital decision that is of national concern will never ever take place without the consent of the NAS apart from here in nigeria.
if to say we are a country, what jonathan did in january was an impeachable offence. how can obama make public announcements of such degree without the consent of the house.
please like i said, go to kiddies avenue because u simple do not belong here.

1025:

hahahahahahaha. uncle pls go to kiddies avenue because this is the politics section of nairaland. u surely do not belong here. even my great grand mother knows that the executive, legislature and judiciary are the three arms of govt. the laws of every country be it sugar cane law, economic or political laws are made by the legislature while the executive approve it with the judiciary as the body responsible for punishing of law breakers.
sometimes i know hunger can make us reason like tables and chairs but such vital decision that is of national concern will never ever take place without the consent of the NAS apart from here in nigeria.
if to say we are a country, what jonathan did in january was an impeachable offence. how can obama make public announcements of such degree without the consent of the house.
please like i said, go to kiddies avenue because u simple do not belong here.

abeg help me tell am ......i don't know who gave him a laptop,,cuz am sure FRANK_C is one of those pple who get their orientation from a palm wine joint........

Please, don't reduce this to personal attack and pedestrian talk. If you have a contribution against my argument, you can make that without using foul language.
My point is clear. Legislators legislate and do NOT interfer in executive decisions that the law has not empowered them to. I think your idea of three arms of governenment is not accurate. You can test that logic if you place it side by side with the principle of seperation of power. There are however few areas where the law permits legislators to intervene like declaration of war and ministerial screening and not in areas like currency redenomination.
I am not in anyway saying that the legislator is not relevant. I am saying that execution of government programs and policies in line with already established laws (like CBN act 2005) falls strictly within the purview of the executive responsibility, and so, the legislature's oversight function can only be to ensure that the laws are followed.
Again, i maintain that this does not add or remove anything from the debate on propriety of the policy. Only seasoned economists can predict at a time like this. But for Falana to come out openly to say that executive policy will be stopped by the legislature on grounds of unpopularity is just an emotional talk. If you want to have a decent debate on this, i will like to listen to you but if it the kind of talk you jus put up there, then i'm sorry, i don't trade insults in faceless public forum.

Frank-C:

Please, don't reduce this to personal attack and pedestrian talk. If you have a contribution against my argument, you can make that without using foul language.
My point is clear. Legislators legislate and do NOT interfer in executive decisions that the law has not empowered them to. I think your idea of three arms of governenment is not accurate. You can test that logic if you place it side by side with the principle of seperation of power. There are however few areas where the law permits legislators to intervene like declaration of war and ministerial screening and not in areas like currency redenomination.
I am not in anyway saying that the legislator is not relevant. I am saying that execution of government programs and policies in line with already established laws (like CBN act 2005) falls strictly within the purview of the executive responsibility, and so, the legislature's oversight function can only be to ensure that the laws are followed.
Again, i maintain that this does not add or remove anything from the debate on propriety of the policy. Only seasoned economists can predict at a time like this. But for Falana to come out openly to say that executive policy will be stopped by the legislature on grounds of unpopularity is just an emotional talk. If you want to have a decent debate on this, i will like to listen to you but if it the kind of talk you jus put up there, then i'm sorry, i don't trade insults in faceless public forum.

Mr Frank,,,is the issue on ground a National issue or not? and please i want to know if the legislature can veto the power of the executive or not and on which issue can that be done and please tell us your own view on the concept of "Separation of Power".....

Frank-C:

Please, don't reduce this to personal attack and pedestrian talk. If you have a contribution against my argument, you can make that without using foul language.
My point is clear. Legislators legislate and do NOT interfer in executive decisions that the law has not empowered them to. I think your idea of three arms of governenment is not accurate. You can test that logic if you place it side by side with the principle of seperation of power. There are however few areas where the law permits legislators to intervene like declaration of war and ministerial screening and not in areas like currency redenomination.
I am not in anyway saying that the legislator is not relevant. I am saying that execution of government programs and policies in line with already established laws (like CBN act 2005) falls strictly within the purview of the executive responsibility, and so, the legislature's oversight function can only be to ensure that the laws are followed.
Again, i maintain that this does not add or remove anything from the debate on propriety of the policy. Only seasoned economists can predict at a time like this. But for Falana to come out openly to say that executive policy will be stopped by the legislature on grounds of unpopularity is just an emotional talk. If you want to have a decent debate on this, i will like to listen to you but if it the kind of talk you jus put up there, then i'm sorry, i don't trade insults in faceless public forum.

you sound like someone ready to learn. you must start from the word DEMOCRACY which is a govt by the people for the people and of the ppl.
if you want to know how every nigerian gets involved in the polity then go and read about the POLITICAL REPRESENTATION OF THE PPL in relationship to the NATIONAL ASSEMBLY. uncle, when a party is struggling to occupy the govt house, they at the same time battle to have the majority in the house of assembly be it at the local, state or federal levels. if you ask me why, the answer is because that is the easiest way to get away with your decisions as a local govt chairman, state governor or the president. take your mind away from pdp and what they are doing because in a democratic government, the president MUST NOT agree on any issue that deals with national interest without the consent.
how can jonathan tell nigerians that there is no going back?
when a president begins to over rule the interests of the majority, it becomes DICTATORSHIP. you and i know that majority of nigerians will not support the removal of fuel subsidy and majority of nigerians today are against this N5000 note especially with the spending of N44B on the printing of this note that will not bring any goodness to the economy.
now, the role of these senators is to listen to their people at the grass-roots and then pass the massage to central govt.in this N5000 note, what are your ppl saying? how did ur representative at the national assembly deliver your voices? uncle when these voices are not heard, the govt can be called any other name apart from DEMOCRACY. if sanusi has a plan he considers good for the country, let him send out ppl to sell the idea and allow us to respond through our various representatives who will come to the house to say those in support say yes and those in support say no.
were u here when obj wanted a third term? we responded and the senators on their own saw the angers on our reactions. even those of them already in possession of GHANA MUST GO bags from the presidency had to say no before an AIT CAMERA.
I HOPE I HAVE BEEN ABLE TO PUT YOU THROUGH ON THE NEED TO RULE US WITH OUR CONSENT IN THIS ACCLAIMED DEMOCRACY?

@1025:please tell him 4 us oh,,,,cause i don't know where Mr Frank got his own information and orientation about Government and policies from and in democratic state like Nigeria...

Frank-C:
This Falana guy is so ignorant that when he speaks, it lack any iota of logic but all emotion. What has NA to do with government's economic policies. There is no need then for executive. If for strategic economic reasons and long term economic security needs of the country the executive decides to redenominate the naira, who is NA to say NO? Is is a law? We can as well outsource our economic and infact executive decisions to NA. The arguments against this policy is just too emotional, similar to arguments against Soludo's redenomination. We should just grow up in this country.

femi falana is a fool........an obdurate illiterate. he should show us from his wealth of knowledge where he read that currency renomination leads to inflation!
these fools just open their mouths ignorantly and poison the nation with gross misinformation. currency renomination is not a monetary policy...the central bank is just managing currency. everything remains the same and the withdrawal limit is still N500,000. femi falana should leave economics alone and practise his law!

@1025
Yes, I am ever ready to learn, especially from experts on the subject matter under discussion. I also recognize that experts are people who do not allow their professional opinions to be corrupt by their personal opinions.

I don't think you are correct, my friend. You should be able to differentiate law making and law enforcement. Actually, why political parties push for their candidates to win seats in parliament is because they want to be able to push laws that further their party ideology, like Obama health care bill or constitutional amendments or gay bills or even market control bills, not to stop the executive if they want to enforce bills already passed and signed into law. These are new laws or amendments to existing laws which is law making. As it is, i have opined that the NA can repeal CBN ACT 2005 and that is what is before the senate now, thereby limiting the executive playing field with the law. But UNTIL that is done, it is only good politics to mobilize opinions to enforce a law and not necessarily a law as you are making it out.

Now, you will agree with me that fuel price or Naira redenomination is being done in line with a law already passed by NA and assented to by the President, so the NA has no official role to play here. It is purely within executive powers to change these things. Senate can pass a resolution to say that they don't like the policy but this is not a Parliamentary system where Congress resolution carries legal weight. Here, such resolution only shows disagreement of the House but does not in any way legally stop the executive from going ahead.

As Nigerian Law permits today, the President can totally(and legally) remove fuel subsidy or redenominate Naira without consulting the senate legally. This does not mean that it is good politics because consensus building is always a good thing in a democracy but in matured democracies, consensus are built along broad based party ideologies like liberal/conservatives. So fuel subsidy removal is an attempt to liberalize the market which PDP may believe in and so more PDP members are likely to agree with the executive. Ofcourse, Mr President can meet with Senate leadership but the law does not require it. I think you are mixing up good politics with the law.

On OBJ's third term, he wanted to change the LAW. That was how the NA got involved. If OBJ can run without changing the law, the Senate cannot do anything about that, likewise the issue of fuel subsidy or Naira redenomination. How action which the law already empower them to perform is carried out rub off on people's feelings but as i said earlier, popular policies are not necessarily good policies and I am not ready to debate whether redenomination/fuel price increase is a good or bad policy because it depends entirely on how you are looking at this and I probably cannot see what you are seeing.

Does the Executive need to mobilize support for her policies? Yes, because it is good politics to carry Nigerians along, including the NA. Is it the LAW to get Senate approval and that of Nigerians before enforcing what the law already empower them to do? NO!!!

^ Mr. Frank-C,

Please why not just keep silent. The more you talk, or is it write, the more you expose your folly and great ignorance.

There really is no point in trying to argue with u because it's apparent you do not have grasp of elementary rudiments of separation of powers, and the roles of the three arms of government.

Half-illiteracy has always being more dangerous than illiteracy. An illiterate knows he does not know, but an half-illiterate believes he knows when he actually knows nothing.

Your writings contains grammar, mentioning CBN acts and stuffs like that; but that is there is to it. Someone needs to tell it to you. Go educate yourself more about the running of government and stop conjuring together things you picked up from various places.

coogar:

femi falana is a fool........an obdurate illiterate. he should show us from his wealth of knowledge where he read that currency renomination leads to inflation!
these fools just open their mouths ignorantly and poison the nation with gross misinformation. currency renomination is not a monetary policy...the central bank is just managing currency. everything remains the same and the withdrawal limit is still N500,000. femi falana should leave economics alone and practise his law!

wow, femi falana a fool? this is serious. uncle, what is inflation?
i listened to a cbn spokesperson that was on a tv programme to defend the N5000 note. she said the idea of the note is to make our politicians stop using dollars and start using naira since it will be easier for them to carry about. since falana is a fool and u are not, can u tell me the relationship between N5000 note and cashless policy? you want to go cashless and u still want the money to be easy to carry about? in ur wisdom, sanusi can decide tomorrow to print N1m note and spend N500B on same abi?
are u saying cbn is a country of its own and does not need consultations with anyone before taking any decision?
2 out of the three families whose members were selected to be in the note are saying NO. at the end of the day, sanusi might decide to use our first lady or cecilia ibru on the note and nobody has any right to talk.
that was the words of a wise man in a country where learned men like falana are called fools.

lanre_front: ^ Mr. Frank-C,

Please why not just keep silent. The more you talk, or is it write, the more you expose your folly and great ignorance.

There really is no point in trying to argue with u because it's apparent you do not have grasp of elementary rudiments of separation of powers, and the roles of the three arms of government.

Half-illiteracy has always being more dangerous than illiteracy. An illiterate knows he does not know, but an half-illiterate believes he knows when he actually knows nothing.

Your writings contains grammar, mentioning CBN acts and stuffs like that; but that is there is to it. Someone needs to tell it to you. Go educate yourself more about the running of government and stop conjuring together things you picked up from various places.

Please, boldly point out the erors in my logic and let me see how wrong I am. You can't just declare that I am wrong, highlight the line in my argument that led you to that conclusion.

And let me restate my point- The executive (of which CBN is an agency) does not need Senate or HoR consent to redenominate the naira or remove subsidy according to the law of the land. It may be good politics to carry influential leaders of various arms of government along but not a pre-requisite. Examples of situations where they consent is required is in declaration of war or ministerial screening. You can pull up sections of the constitution that make you think otherwise let us debate it but declaring me fooling and ignorant doesn't just cut it. I am willing to learn from intelligent argument not name calling.

OMG,from this argument i can now see that the Nigerian state is being rule by Dictators in plain cloths......

So, if we follow some people's logic here, the NA has no business in anything that has to do with the economy or have no right to query Sanusi as long as the president approves whatever he does.

Today he's introducing N5000 and you ask the NA to shut up and you people are calling Falana a fool. Tomorrow, if he decides to introduce N50,000 or N100,000 notes, don't come here crying like a smelling he-goat. And you all know GEJ will approve anything that comes from CBN.

While our sister nation Ghana did (and still doing) everything possible to make their currency stronger against the US dollars, we (on the other hand) are doing everything that can have adverse effects on our currency. Ghana changed their 500,000 cedis note to 50 cedis thereby cancelling four zeros but with the same purchasing power. Why can't we do the same? Why are we now moving towards the road Ghana abandoned about 6years ago? Remember, Ghana started with 200 cedis, 1000Cedis 5000, 10000, 50000...............100000 and finally 500000 Cedis.

Today, a Ghanian Cedi (GHS) is equivalent to N83. Which means our new N5000 note will not be more than 60 Ghanaian Cedis (i.e 5000/83). A US dollar
is 1.9 Ghanaian Cedis.

Why cant we do the same thing instead of turning our N5, N10, N20 and N50 to coins? Why can't we have 1kobo 2kobo 5kobo 10kobo 20kobo 50kobo N1 and N2 coins like britain that we are trying to copy. It's just a matter of making the purchasing power strong. It's all in the head. We can make 50kobo buy a commodity that cost N50 as at today.

In God We Trust

Oliver twist God bless you